Trump on Thursday told Republican lawmakers he wants to end the carried interest exemption used by legions of private equity fund managers and venture capitalists around the country, arguing it could be used to offset the multitrillion-dollar tax cut Republicans plan to pass before the end of the year.

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Treasury Secretary Scott Bessent, shown at a confirmation hearing, said President Donald Trump is "not calling for the Fed to lower interest rates." AFP President Donald Trump is focused on 10-year Treasury yields to bring down borrowing costs rather than the Federal Reserve actions on short-term interest rates,